“We have already targeted a few. When we acquire, it’s not only for technology but also for market penetration,” Sazali told Reuters in an interview, adding that Petronas Chemicals was looking at companies in Europe, the US and India.

Petronas has invested heavily in its downstream business over the last few years amid analyst estimates that it will produce less oil in the future. Petronas’ largest downstream project, the Refinery and Petrochemical Integrated Development (RAPID) project in the southern Malaysian state of Johor, has received an estimated US$27 billion of total investment.

Earlier in 2018, Aramco inked a deal to invest US$7 billion in RAPID. It later bought a US$900 million stake in petrochemical projects in the RAPID complex.

Sazali said Aramco could expand its investment in the Pengerang Integrated Complex (PIC) of which RAPID is a part.

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